1934 $1 MS(PCGS#7375)

1934 $1 MS (PCGS#7375)

Spring 2025 Showcase Auction U.S. Coins

Lot Description: Silver dollar coinage ceased in 1928 when the Mint fulfilled the terms of the 1918 Pittman Act. However, the Peace series resumed in 1934 for two more years of coinage for reasons explained by Q. David Bowers in his 1993 silver dollar Encyclopedia:The Act of May 12, 1933 authorized the government to accept silver bullion at the value of 50 cents per ounce in payment of war debts and to convert this bullion into silver dollars and subsidiary coins. This was followed by President Roosevelt's edict of December 21, 1933, which mandated that the mints buy silver to coin into dollars.Then came the Silver Purchase Act of June 18, 1934, which required that the Department of the Treasury acquire silver from all sources presenting same until the market price of silver was raised to $1.2929 (a figure which was considered to be the standard value of silver for many years), or until the Treasury holdings of silver equaled one third of the value of the Treasury holdings of gold. The silver thus acquired was used to coin Peace silver dollars in 1934 and 1935.The 1934 Philadelphia Mint boasts the smallest mintage in the later Peace dollar series. Of the 954,057 examples struck, this peripherally toned Gem is among the finer known to PCGS and is a significant find for advanced Peace dollar specialists and PCGS Set Registry participants.